The Maine Real Estate Market, What’s My Home Worth?
Two questions get asked often if you are a Maine real estate agent, broker, REALTOR… how’s the market, what’s my property, usually a home, house worth.
Often the two Maine real estate questions come up in conversation on the street, over the phone and emails because the national media focuses on it heavily. And unfortunately, what is happening in areas high in FSSR (foreclosure, short sale, repossession affected reak estate sales) is not what is happening in Maine.
Why? Couple reasons really.
Homes, any Maine real estate property listing is so much lower cost. Less zero places in those hanging price tags.
So the struggle to keep current on the mortage payments is way way less strain. Plus in Maine, we just don’t like or are just not used to having mortgages. High or otherwise.
It’s living below our means thinking, not wanting to be a slave to a Maine home mortgage.
Our fun is not tied to spending money. It’s real, natural in Maine, not artificial or store bought. So we don’t run out of money needed to make that home real estate mortgage payment.
In southern Maine the price for a similar home located in the northern part of the state is about a $100,000 price level difference. So when you ask a Maine real estate agent, broker, REALTOR how’s the market, consider where the professional wearing the blue and gold “R” lists and sells. Makes a big difference in the answer.
So it is untrue when what is happening in state’s high in FSSR is applied to Maine where we are 46th lowest in that statistic. Some folks will raise an eyebrow when you set the record straight on what is happening in Maine because all the national media, even real estate agents, brokers, REALTORS cry the blues. Boils down to living a simple life in Maine that does not cost an arm and a leg. Or a kidney. And lower cost real estate prices on top of that. A winning combination really.
Meanwhile, what about the other daily double real estate question.
What is my Maine home worth Mr.Real Estate Man?
If it was as easy as looking it up in a book, or Googling it, the home owner would not need the real estate agent, broker, REALTOR for guidance in pricing before getting the property listed on the MLS, open market.
The value of your Maine real estate, say your home or waterfront house depends on the same factors in any market. How many other places like yours have been sold and for what recently. How many other properties like your home, house are competing for a real estate buyer’s attention? What is the condition of the place? Would updates here and there help raise the sales figure the place finally sells for in the real estate market?
What is the location of the home? Need consideration of what is going on with the neighboring properties factored in. And the local community, economically what’s the “temperature”? All factors that have a big effect on the current market value of the Maine home. Your motivation to sell as a home owner is key too. If there is a clock ticking, the motivation high, the pricing needs more than ever to be aggressive.
You need to lead the market, not follow it with realistic home pricing. And subsequent, timely adjustments in addition to aggressive, full throttle real estate marketing. Proper pricing, A-Z real estate marketing… two factors that everything revolves around, that are critical in getting the buyer and seller to the long closing table to exchange a check for keys.
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